I'm certainly no expert with flips (yet) - I focused more on buy-and-hold multifamilies, but nothing in your report raises any major red flags.

@Russell Gronsky thanks for the heads up, and yeah I’ve seen information they provided on last major repairs and also there expenses throughout the year, and with me being conservative calculating those average expenses as well as the PITI I would have on the property I’d still have a cash flow of roughly 1,300 a month prior to the other units getting occupied.

If I were you I would start much smaller, with perhaps a 3-bedroom single-family home.When you discussed that option, you talked about turning a basement into an apartment for a tenant, which is usually a major renovation project that costs a lot of money.

He was telling me that he doesn't have any problems getting financing when properties are under an LLC because he is the majority shareholder in the LLC. 

We're not technically a rural market, but by no means a major metro like Atlanta.

By going over every single what if with an attorney, it takes the second-guessing out of who's responsible for what when problems inevitably happen and what each person role specifically is.

You may want to try offering a Buyers home warranty so that the major issues in the property would be covered, foundation, appliances, water lines etc., for a mere $75 per event?

David,Insurance policies for flips are structured different than those created for buy and holds.Flipping policies will give you coverage during the renovation time period as well as any long term vacancy, usually more than 60 days.A buy and hold policy expects the property to be rented and can deny claims related to major renovations or during a long term vacancy.There are specialized insurance programs built for flipping that most flipper will use. 

Account Closed The vast majority of your leads will not be deals.

Doesnt need any major repairs(new roof, carpet).